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D O W Open Looks Very Bad

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Market Update Set Alert

08:00 am :
S&P futures vs fair value: -6.7. Nasdaq futures vs fair value: -3.8
Futures versus fair value are signaling a sharply lower start for stocks.
Aside from hesitation on the part of buyers ahead of this morning's read at 8:30 ET on wholesale inflation (e.g. PPI) and consumer spending (e.g. Retail Sales), another broad-based sell-off in foreign markets is contributing to the negative bias. Japan's Nikkei plummeted 4.1%, Hong Kong's Hang Seng Index lost 2.5%, and presently, the European bourses are all down more than 2.0% amid worries about rising interest rates in the U.S. choking off consumer demand for exports.

Not much safety in Gold which seems to be selling off again:

Metals Date Time (EST) Bid Ask Change from NY Close

GOLD 06/13/2006 08:25 588.00

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Futures moving in a slightly more positive direction--15 mins to the off:

09:15 am : S&P futures vs fair value:
Nasdaq futures vs fair value:
. Choppiness persists in pre-market trading as futures indications are back to suggesting that the major averages could open in split fashion. Even though concerns about inflation, a slowing economy, and the Fed going too far won't be eased much by a couple of earnings reports (e.g. BBY and GS), Qualcomm (QCOM) recently raising its Q3 EPS and sales guidance is providing a modest source of support, especially for the underperforming Technology sector.

IMO we could still see 50-80 down by the end of trading today.





Edited by Realistbear

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Nope, no inflation good for stocks possibly bad for gold if being bought for an inflation hedge:



Wholesale Inflation Rises by Just 0.2 Pct.

Tuesday June 13, 9:35 am ET

By Martin Crutsinger, AP Economics Writer

Wholesale Inflation Rises by Just 0.2 Percent in May; Retail Sales Inch Up

WASHINGTON (AP) -- Inflation at the wholesale level slowed in May after two big months of increases, even though gasoline prices and inflation pressures outside of energy and food continued to climb.
the core rate of inflation, which excludes food and energy, was up 0.3 percent in May, compared with more modest gains of 0.1 percent in both March and April. That was slightly higher than the 0.2 percent increase analysts had been expecting.


Index Value: 10,825.40

Trade Time: 9:46AM ET

Change: 32.82 (0.30%)

Prev Close: 10,792.58

Open: 10,783.14

Day's Range: 10,765.76 - 10,836.29

52wk Range: 10,098.20 - 11,709.10

Edited by Realistbear

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